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The 5 Best Private Banks in Singapore

The 5 Best Private Banks in Singapore

How We Picked

Security

We investigated each bank’s protocols and other standards related to the customer’s overall security. 

Track Record

We analyzed each bank’s history, expertise, and reputation in private banking.

Services

Each entry must provide benefits and several valuable services that assist individuals with their financial goals.

Accessibility

We looked at the requirements needed to open an account and the number of available locations each bank has on the island.

1. United Overseas Bank Privilege Banking Centre

United Overseas Bank Privilege Banking Centre Homepage

Services: Private banking, financial advice, trading, asset management, investment guidance, and more

Website: https://www.uob.com.sg/

Address: No. 73 Serangoon Garden Way, Singapore

Contact Details: +65 1800 222 9889

Operating Hours:

Monday – Friday: 9:30 am – 5 pm

Saturday: 9:30 am – 12:30 pm

Google Reviews Score5/5
Total Reviews3/5
Score Consistency4/5
Security5/5
Track Record5/5
Services5/5
Accessibility4.6/5

Pros

  • Singapore’s largest banking company
  • 20 branches available
  • More than 80 years of experience
  • Assisted some of the country’s wealthiest individuals
  • Has travel rewards and other discounts
  • Provides online banking services for investing and trading
  • Ideal for long-term investments

Cons

  • Has one of the strictest requirements for private banking in Singapore
  • Opens later in the morning

Founded in 1935, United Overseas is Singapore’s biggest bank and is one of the most trusted brands in the world. It has 20 branches scattered around the island, making it quite accessible for most Singaporeans.

However, unlike other establishments, it opens much later in the morning.

Its main goal is to assist individuals in creating a better financial future. It has assisted some of the country’s wealthiest individuals with beneficial banking services.

This bank has an exclusive service available to people with a net worth of more than $5 million, like insurance services and wealth management. Having said that, it has one of the strictest requirements for a private bank on the island.

United Overseas doesn’t fall short when it comes to security and benefits. In addition to the safety standards and advantages that come with private banking, customers are also eligible for ongoing travel rewards and discounts.

We also want to highlight this bank’s online tool, which enables customers to open accounts and buy, sell, and trade shares in various investment products. 

Three banking principles guide this bank’s investment approach: asset allocation, diversification, and sustainable returns. If you’re a serious investor, you’ll like its private banking services, like free consultations on possible investment opportunities.

As a result, United Overseas is regarded as one of Singapore’s top private banks for seasoned and long-term investors.

2. OCBC Premier Private Client

OCBC Premier Private Client Homepage

Services: Private banking, financial advice, trading, asset management, investment guidance, and more

Website: https://www.ocbc.com

Address: Orchard Gateway, #B1-12, 277 Orchard Road, Singapore

Contact Details: +65 1800 363 3333

Operating Hours:

Monday – Friday: 9 am – 4:30 pm

Saturday: 9 am – 11:30 am

Google Reviews Score3.3/5
Total Reviews3.8/5
Score Consistency3.5/5
Security5/5
Track Record5/5
Services5/5
Accessibility4.8/5

Pros

  • First established in 1948
  • Known for being reliable
  • 20 branches available
  • Has the lowest requirements for investable assets
  • Gives a variety of lifestyle and travel benefits
  • Offers private advising sessions 
  • Has a large team of wealth management specialists and financial experts

Cons

  • Closes early on Saturdays

OCBC Premier Private Client was first established in 1948 and has since then gained notoriety in Singapore’s private banking industry because of its long-standing reputation of reliability.

It was ranked by Bloomberg Markets magazine as the World’s Strongest Bank in 2011 and 2012. It has 20 branches around Singapore, which makes it quite accessible for most customers.

Some of the island’s top financial experts who can speak on a variety of subjects, from mortgages to insurance, are known to work at this establishment. 

It is one of the few private banks that frequently offers private advising sessions with its teams of esteemed wealth management specialists. 

This enables it to provide valuable financial advice to its customers and help them with their monetary goals.

With OCBC Premier Private Client, clients get access to the most recent market recommendations and unique investment guidance from its wealth management team, making it possible to stay ahead of the competition.

Besides giving financial advice, it also gives out an exclusive card called VOYAGE, which gives customers access to various lifestyle and travel benefits. 

We want to highlight that it offers one of the lowest requirements for investable assets in terms of eligibility. 

OCBC simply requires interested parties to have at least $1 million in assets and be accredited investors, whereas other private banks on the island would demand at least $5 million.

However, if you wish to get in touch and open an account, we suggest doing it on weekdays since it closes early on Saturdays.

3. Standard Chartered Priority Private

Standard Chartered Priority Private Homepage

Services: Private banking, financial advice, trading, asset management, investment guidance, and more

Website: https://www.sc.com

Address: Bukit Timah Road, 795-797, Singapore

Contact Details: +65 6747 7000

Operating Hours:

Monday – Friday: 10 am – 4 pm

Saturday: 10 am – 1 pm

Google Reviews Score2/5
Total Reviews4/5
Score Consistency3/5
Security5/5
Track Record5/5
Services4.9/5
Accessibility4.1/5

Pros

  • Has numerous branches worldwide
  • Ideal for jet-setters and digital nomads
  • Plenty of lifestyle and travel incentives
  • Offers assistance in asset management
  • Guidance on market trading and investments

Cons

  • Relatively expensive minimum deposit
  • Fewer branches around Singapore

Standard Chartered Priority Private is a company that originated in England and has over 1,000 branches around the world. However, it only has 17 in Singapore.

This bank is the ideal choice for individuals who regularly travel worldwide. The bank offers plenty of lifestyle incentives, which are ideal for jet-setters and digital nomads.

For starters, customers are eligible for free concierge services at more than 400 upscale restaurants worldwide. Additionally, they are entitled to yearly airport limousine service to and from airports.

Clients also receive unrestricted access to more than 1,000 airport lounges across more than 130 nations. 

Having said that, Standard Chartered is one of Singapore’s top private banks for regular travelers. It’s one of the few private banks with this many travel incentives.

In addition to the benefits, the bank also provides services to assist clients in effectively managing and growing their assets.

Customers have the right to meet with the establishment’s senior relationship management team, which will assist them in making trading and investment decisions.

To be eligible for the Standard Chartered Priority Private, applicants must have assets or deposits totaling at least $1.5 million — not the most accessible. 

Still, its terms are better than other banks on this list.

4. DBS Private Banking

DBS Private Banking Homepage

Services: Private banking, financial advice, trading, asset management, investment guidance, and more

Website: https://www.dbs.com.sg

Address: Marina Boulevard Tower 3 Level 6, Marina Bay Financial Centre, Singapore

Contact Details: +65 6747 7000

Operating Hours:

Monday – Thursday: 8:30 am – 6 pm

Friday: 8:30 am – 5 pm

Google Reviews Score3.7/5
Total Reviews5/5
Score Consistency4.3/5
Security5/5
Track Record5/5
Services4.5/5
Accessibility4.7/5

Pros

  • Over 50 years of experience in the industry
  • More than 40 branches available around Singapore 
  • Ideal for investors and venture capitalists
  • Offers plenty of benefits and privileges to its customers
  • iWatch app provides users the ability to trade and transact easily
  • Provides instant updates

Cons

  • Opening an account has difficult requirements 

DBS Private Banking has deep roots in Singapore. The government founded it in 1968 to replace the Economic Development Board’s industrial finance duties.

This bank is ideal for investors and venture capitalists. It offers a range of remarkable investing options that are tailored to your long-term financial objectives. 

DBS provides treasury products as well as funds, equities, commodities, fixed income, and commodities. 

Additionally, this bank also offers a long variety of advantages and benefits. Some of these include access to airport lounges, worldwide healthcare privileges, hotel room upgrades, international education, and limousine services.

However, it has one of the most difficult requirements on this list. Customers need to have at least $5 million in investable assets if they want to create an account with DBS Private Banking. 

Having said that, this bank is one of Singapore’s most reputable banks and has demonstrated its capacity to go above and beyond for every one of its customers with its reliability and wide range of investing options.

Customers also have the privilege of using this bank’s iWealth app. This makes it easier for individuals to keep track of their investments, and it also enables them to transact and trade instantly.

The app’s convenience allows investors to act quickly when they want to react to what’s happening to the stock market. Additionally, users receive customized suggestions and advice from the bank’s account manager.

This bank also has over 40 branches around Singapore, making it one of the most accessible on the island.

5. HSBC Private Banking

HSBC Private Banking Homepage

Services: Private banking, financial advice, trading, asset management, investment guidance, and more

Website: https://www.hsbc.com.sg/

Address: 62 Serangoon Garden Way, Singapore

Contact Details: +65 1800 472 2669

Operating Hours:

Monday – Friday: 9:30 am – 5 pm

Saturday: 9:30 am – 12:30 pm

Google Reviews Score3.1/5
Total Reviews5/5
Score Consistency4/5
Security5/5
Track Record5/5
Services5/5
Accessibility3.9/5

Pros

  • One of the largest banking and financial organization around the world
  • Works with multi-generational families all around the world
  • Has a large team of financial professionals 
  • Wide range of financial services for the family

Cons

  • Has strict requirements for private banking
  • Does not have as many benefits as other banks
  • Only 14 branches around Singapore

HSBC Private is one of the largest banking and financial organizations around the world. This company is the ideal choice for those who are looking for a place that caters to the entire family.

It is a private bank that has a reputation for working with wealthy multi-generational families all around the world. It employs a skilled team of financial professionals in family governance, wealth succession, legacy planning, and wealth structuring.

In addition to providing these services, HSBC Private also facilitates its client’s access to additional trading and investing options.

Compared to other private banks, it doesn’t offer as many benefits, However, it still provides a wide range of good travel and leisure privileges. 

If you are looking for a bank that offers more lifestyle benefits, we suggest looking at our other entries on this list. Another downside is that it only has 14 branches around the island.

Unfortunately, interested clients must have at least $5 million in investable assets if they want to open an account with HSBC Private. Other banks offer more accessible options with more benefits that suit most lifestyles.

Having said that, we still believe that HSBC is the ideal destination for those seeking family-centric privileges. This bank has the most experience in dealing with wealth succession and legacy planning.

FAQs on Private Banking in Singapore